Your mortgage is for 30 years with a fixed annual rate of 4, Financial Management

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Your mortgage is for 30 years with a fixed annual rate of 4

Your mortgage is for 30 years with a fixed annual rate of 4% compounded monthly.

(a) If you borrow $150,000 today, what is the total amount of money will you pay back to the bank during the next 30 years?

(b) You can afford a down-payment of $15,000 and a monthly payment of no more than $1250. What is the value of the most expensive house can you buy?

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Financial Management: Your mortgage is for 30 years with a fixed annual rate of 4

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